Planning for retirement is one of the most important financial steps you’ll take in your life, and understanding your options is key to building a secure future. With various types of retirement plans available, it’s important to know the benefits and limitations of each to make informed decisions.
Types of Retirement Plans
This IRS resource provides an overview of the various retirement plans available, including employer-sponsored options like 401(k)s and 403(b)s. It’s a great starting point for understanding the different paths to retirement savings.
Types of Retirement plans | IRS.gov
Individual Retirement Arrangements (IRAs)
For those interested in saving independently, this IRS guide explains the ins and outs of IRAs, including contribution limits and tax benefits. It’s essential reading for anyone looking to build retirement savings outside of employer plans.
Individual Retirement Arrangements (IRAs) | IRS.gov
Roth IRAs
This IRS resource focuses specifically on Roth IRAs, highlighting their unique tax advantages and eligibility requirements. It’s an important tool for understanding how to grow tax-free retirement income and plan for the long term.
Help with Choosing a Retirement Plan
If you’re unsure which retirement plan is right for you or your business, this IRS resource offers a comprehensive guide to the different retirement solutions available, including 401(k), SIMPLE IRAs, SEPs, and more. It includes a helpful comparison chart. Small business owners will find it useful for understanding the benefits of offering a plan to employees.
Help With Choosing a Retirement Plan | IRS.gov
Retirement Accounts
This resource provides an in-depth overview of various retirement accounts, covering topics like managing accounts, taking out loans, and rolling over funds into other retirement plans. It’s a valuable tool for individuals looking to navigate their retirement options and maximize the benefits of their accounts.
